IronX, a crypto asset exchange project that will use Cardano (ADA) as base currency, has raised $22.3 million for its ongoing development via a private sale.

The public sale will start on November 1st with a fundraising target of $50 million.

IronX, a digital asset exchange being developed by Cyprus-based foreign exchange provider IronFX, has reportedly sold 67.6 million tokens during its private sale. This, according to an announcement made on its official Telegram channel.

In total, IronX’s token sale raised approximately $22.3 million.

Cardano (ADA) As Base Currency

The IronX exchange project was announced in June of 2018 as a joint initiative between IronFX and the EmurgoHK Group, a Hong Kong-based business entity contributing to the ongoing development of Cardano (ADA).

Cardano’s native token, ADA, will be used as the base currency for transactions on IronX’s digital asset exchange - which had been added onto IronFX’s foreign exchange (Forex) platform in July of 2018.

According to IronX’s Telegram notice, the companies developing the new crypto asset exchange currently have over 1.2 million users. The large userbase might help in increasing awareness about the new exchange - which could then result in more funds being generated for the project.

In the next fundraising stage, IronX is planning to raise an additional $50 million through a public sale starting on November 1st and ending on December 15th. Those looking to contribute funds for the crypto exchange’s development must invest at least $100.

Crypto-Friendly Jurisdictions

At present, IronX’s management team is looking to obtain regulatory approval to operate in Gibraltar. In September 2018, the IronX team was issued a license to establish a business entity in Estonia.

As most tech enthusiasts would know, Estonia’s government has encouraged its citizens to use and adopt the latest technological innovations. Access to Wifi, or internet, is considered a basic right and is offered as a free service to the nation’s residents.

Estonia is also one of the most crypto-friendly jurisdictions as it was the first European country to consider launching its own national digital currency. However, due to regulatory concerns raised by the European Union, Estonia did not follow through with its plans.

Meanwhile, Gibraltar holds the distinction of being the world’s first jurisdiction to develop a complete legislative framework for blockchain-based digital assets.

Hoskinson: Cardano Will Surpass Bitcoin, Ethereum

Charles Hoskinson, the CEO at IOHK and founder of Cardano, told Finance Magnates that the Cardano platform will introduce a “completely new way of going about things.” Hoskinson also predicted that it will be more widely adopted than Bitcoin (BTC) and Ethereum (ETH) “by February 2019.”

Crypto derivatives trading platform, BitMEX, launched ADA futures in January 2018. Notably, Israel-based Sirin Labs’ blockchain-based smartphone will also be using ADA as its base currency.